Sweeping product intervention rules put FCA in the driving seat

DRIVING SEAT

Laura Miller
clock •

Broad definitions of when the Financial Conduct Authority (FCA) can intervene in financial products give the incoming regulator an arsenal of weapons to fight bad consumer outcomes.

Today, the outgoing Financial Services Authority (FSA) published a consultation paper outlining how the FCA plans to use new powers given to it under the Financial Services Bill, which allows the regulator to intervene in products without consulting the industry. The FCA wants to be able to add or remove certain features of products , and to intervene in products where it deems there is a "significant incentive for inappropriate or indiscriminate targeting of consumers". Other scenarios the FSA gives of where the FCA wants to flex its muscle is in markets where firms restrict their pr...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA brings ESG ratings providers under scope for first time in 'sensible evolution'

FCA brings ESG ratings providers under scope for first time in 'sensible evolution'

Authorisation required from June 2028

Michael Nelson
clock 03 November 2026 • 3 min read
Treasury Committee flags potential bank tax Budget leak to FCA and Treasury

Treasury Committee flags potential bank tax Budget leak to FCA and Treasury

Dame Meg Hillier pens letter after Bloomberg article went live at 10:45am

Isabel Baxter
clock 29 October 2026 • 3 min read
FCA stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read